X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JACKSONVILLE, FL-Birmingham, AL-based private equity group BP Graham LP has acquired a 14-story, 220,000-sf class A office building at 550 Water St. for $23.3 million.

The seller was Sherlon, whose asset manager is Miami-based Forum. The seller was represented by Lou Nutter, of CB Richard Ellis. Birmingham, AL-based Graham & Co./Corfac International’s Peter Crolius, managing broker for the company’s Jacksonville office, represented the buyer.

“The building has some unique characteristics for Downtown Jacksonville,” Crolius tells GlobeSt.com. “There is quite a bit of parking, the potential for building signage for a large tenant. It has a lot of upside potential.”

The building is located along the St. Johns River in the city’s northbank Downtown core. It features a deli, on-site parking, views of the river and Downtown, and access to Interstate 95. “The Downtown Jacksonville office market is highly competitive and this facility is located in the primary commercial district,” Crolius says.

Graham & Co./Corfac International will serve as exclusive leasing agent and property manager for the building. There is currently 165,000 sf available for leasing, including up to 110,000 sf of contiguous, full-floor space and a retail banking facility with existing safe and drive-thru banking lanes. Current tenants include Verizon, Interline Brands, Blue Cross/Blue Shield and MCI. The buyer plans to make capital improvements to enhance the building’s appearance including improvements to landscaping and common areas. “We plan to lease it up as quickly as possible,” Crolius says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.